Adjustable-Rate Mortgages
Financial flexibility for your new home.
Make the most of your budget with lower monthly payments
An adjustable-rate mortgage (ARM) typically comes with a lower interest rate. That can make it a good option if you have a laundry list of house projects that you plan to tackle after you move in. It’s also ideal if you plan on only staying there for a few years, before your interest rate will change.
Benefits
Lower rate to start
Say you choose a 5/1 adjustable-rate mortgage. That means after five years, your interest rate will adjust each year to be more in line with the market at that time. That allows us to offer you a lower rate upfront.
Low down payment
Put as little as 3-5% down on your new home, or more if you can afford it. Our mortgage loan officers will walk you through your options and help you choose what makes the most sense for you.
Local servicing
Because we service mortgages locally, you can continue working with the same group of people who helped you into your home in the first place, who know you and understand your needs.
Simple online process
You can apply online or even on your mobile device using our convenient, streamlined application process.
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Type |
Rate |
APR |
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|---|---|---|---|
| Rates effective 10/12/2024 | |||
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2/6 Cap; tied to 1-year T-Bill with 2.875% margin APR = Annual Percentage Rate. Rates can vary according to individual loan situations. Rates and lock periods are subject to change. The payment amount may be higher if escrows for property taxes, homeowner’s insurance, or mortgage insurance are applicable. Payment examples do not include amounts for taxes and insurance premiums and actual payment obligation may be greater than illustrated. Adjustable Rate Mortgages (ARMs) begin with a fixed rate and adjust upward or downward after the initial fixed term. ARM products contain two numbers. The first number refers to the number of years the interest rate at closing remains fixed. The second number is the number of years between interest rate changes after the initial fixed term expires. |
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Type 3/1 ARM |
30 Years |
Rate 5.625% |
APR 6.626% |
|
Type 5/1 ARM |
30 Years |
Rate 5.875% |
APR 6.548% |
|
Type 7/1 ARM |
30 Years |
Rate 6.625% |
APR 6.811% |
Is an Adjustable-Rate Mortgage right for you?
There are a couple main reasons why an Adjustable-Rate Mortgage might be best for you:
- You are looking for lower initial monthly payments.
- You want to free up money for immediate expenses that will help make your new home move-in ready.
- You only plan on being in your home for a few years.
Still not sure? Get in touch with one of our mortgage loan officers. They’ll go over your options and help you find the right kind of financing to get you into your new home.
Talk to an expert
Our Mortgage Team looks forward to answering your questions and helping you find flexible and affordable home financing options.
Apply for an Adjustable Rate Mortgage
Disclosures
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APR = annual percentage rate. Fixed rate mortgage payment example: A fixed rate loan of $180,000 for 30 years at a 5.750% interest and an APR of 5.786% is a $1,050.43 monthly payment. Adjustable rate mortgage payment example: The adjustable rate mortgage is a variable rate loan; interest rates and payments may increase after the original fixed-rate period. Your interest rates and payments may increase after the original fixed-rate period. A loan for $180,000 at a 5.625% initial interest rate and APR of 6.48%, subject to increase, will have the following monthly payment: 300 payments of $1,178.22 at an interest rate of 7.00% based on the current index plus a margin.
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- 2.
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APR = annual percentage rate. Payment examples do not include amounts for taxes and insurance premiums and actual payment obligation may be greater than illustrated.
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